OSI Pharma Soars As AstraZeneca’s Iressa Disappoints

December 17, 2004 -- AstraZeneca reported that Iressa, its treatment for metastatic non-small cell lung cancer (NSCLC), did not extend patients’ lives, even though it did shrink tumors. The news was not expected, and it sent AstraZeneca's stock price lower, but it did benefit the makers of rival drug Tarceva: Genentech and OSI Pharmaceuticals. We have commented on Tarceva--a breakthrough drug for a disease with few options--and analysts' revenue projections for the drug, which will now be revalued upward, much to the benefit of Genentech and OSI Pharma...